LAS VEGAS-Managers of the Residences at Mandarin Oriental, Las Vegas, which occupies the upper floors of the award-winning hotel, have reached a sales milestone, having moved 74 units comprising more than $76 million to date in 2013.
CityCenter Residential saysthe momentum is a testament to the resurgence of the luxury real estate market and to the value proposition, afforded by Mandarin Oriental, ideally situated at the gateway to ARIA Resort & Casino and The Shops at Crystals.
“We're excited to be at the forefront of this market momentum, which, together with our new pricing and cash incentives for quick closings, has helped us achieve an unprecedented increase in sales,” said Tony Dennis, executive vice president of CityCenter Residential. “The Residences at Mandarin Oriental, Las Vegas is the market leader and offers unmatched value. With limited inventory, increasing interest rates and an upswing in sales, now is the ideal time to make a move and live at the heart of The Strip.”
The return of bank financing at The Residences at Mandarin Oriental, Las Vegas shows market confidence while further expanding buyer opportunities. Alex Berger, mortgage banking VP at BBVA Compass Bank, said, “We are actively lending in Mandarin Oriental. We offer attractive rates and terms for well-qualified buyers. We are expert at serving this important clientele and look forward to doing more business.”
The Residences at Mandarin Oriental has averaged 10 sales per month in 2013, with incentivized pricing at 60 percent off peak. Dennis said, “As our sales pace climbs and inventory continues to reduce, cash incentives will naturally be turned down. The combination of current market conditions -- attractive pricing, low interest rates, and the return of bank lending -- makes now the perfect time for Mandarin Oriental home buyers to act.”
Pricing at The Residences at Mandarin Oriental, Las Vegas currently starts at $680,000 for large one-bedrooms. Located on the upper half of the 47-story tower and designed by Kohn Pedersen Fox Associates, The Residences boast 225 exclusive homes, including stunning one-, two- and three-bedroom units ranging in size from approximately 1,110 to 4,000 square feet. Owners enjoy unlimited access to all of the services and amenities at Mandarin Oriental, Las Vegas.
Mandarin Oriental, Las Vegas is one of only six triple Forbes Five-Star hotels in the United States and is the only hotel in Las Vegas with Five Star recognition for the hotel, Twist restaurant and The Spa. A sophisticated sanctuary of modern elegance prominently situated at the entrance of CityCenter, Mandarin Oriental has made its mark as the ultimate urban resort destination in the heart of the Las Vegas Strip. It is designed entirely by interior designer Adam Tihany and architecture firm Kohn Pedersen Fox.
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